Qatar’s state-owned petroleum company, QatarEnergy has entered into an agreement with American multinational oil and gas corporation ExxonMobil to acquire a working interest in an exploration block offshore Egypt.
Under the terms of the agreement, QatarEnergy will hold a 40 percent working interest in the contractor’s share in the North Marakia Offshore Block in the Mediterranean Sea, while an affiliate of ExxonMobil (Operator) will hold the remaining 60 percent working interest.
According to the statement, this is subject to customary approvals by the government of Egypt. “North Marakia Offshore was awarded to ExxonMobil in 2020 and covers an area of 4,847 km 2 in water depths of 1,000 m to 2,000 m,” the statement said.
Saad Sherida Al-Kaabi Qatar Minister of State Energy Affairs CEO – QatarEnergy
“This agreement represents another important step in establishing QatarEnergy’s presence in the Arab Republic of Egypt’s upstream oil and gas sector, and in implementing our international growth strategy. We are pleased to sign this agreement and to work with our valued long-term partner ExxonMobil to explore exciting prospects in this promising region. We are also delighted to have the opportunity to work with EGAS and the Egyptian Ministry of Petroleum and Mineral Resources and I would like to take this opportunity to thank the Egyptian authorities and our partners for their valuable support and cooperation.”
In December, QatarEnergy and ExxonMobil signed an exploration and production sharing contract (EPSC) with Cyprus for the offshore Block 5 located southwest of the island in the Mediterranean Sea.
The company inked a deal with European supermajor Shell last year for stakes in two Red Sea exploration blocks offshore Egypt.
